Robert L. Johnson Announces Plan to Assist Homeowners with Mortgage Foreclosure Crisis; Proposal Seeks $1Billion from the Federal Government

Private sector steps out to help modify mortgage loans. Robert L. Johnson proposes to work-out 200,000  mortgage loans a year. Leveraging $1 billion from th US government Johnson would raise another $7 billion in private funds–turning his minority-owned Union Trust Bank into Homeowners First Bank to solely distribute loan modification funds to mortgage servicers.